83 FR 6735 - Proposed Collections; Comment Requests

DEPARTMENT OF THE TREASURY

Federal Register Volume 83, Issue 31 (February 14, 2018)

The Department of the Treasury, as part of its continuing effort to reduce paperwork burdens, invites the general public and other Federal agencies to comment on revisions of an information collection that are proposed for approval by the Office of Management and Budget. The Office of International Affairs within the Department of the Treasury is soliciting comments concerning the revisions of the Treasury International Capital (TIC) Forms BC, BL-1, BL-2, BQ-1, BQ-2, and BQ-3 (called the ``TIC B forms'').

[Federal Register Volume 83, Number 31 (Wednesday, February 14, 2018)]
[Notices]
[Pages 6735-6737]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-02954]


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DEPARTMENT OF THE TREASURY


Proposed Collections; Comment Requests

AGENCY: Departmental Offices; Department of the Treasury.
SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork burdens, invites the general public and 
other Federal agencies to comment on revisions of an

[[Page 6736]]

information collection that are proposed for approval by the Office of 
Management and Budget. The Office of International Affairs within the 
Department of the Treasury is soliciting comments concerning the 
revisions of the Treasury International Capital (TIC) Forms BC, BL-1, 
BL-2, BQ-1, BQ-2, and BQ-3 (called the ``TIC B forms'').

DATES: Written comments should be received on or before April 16, 2018 
to be assured of consideration.

ADDRESSES: Direct all written comments to Dwight Wolkow, International 
Portfolio Investment Data Systems, Department of the Treasury, Room 
5422, 1500 Pennsylvania Avenue NW, Washington, DC 20220. In view of 
possible delays in mail delivery, please also notify Mr. Wolkow by 
email ([email protected]), fax (202-622-2009) or telephone 
(202-622-1276).

FOR FURTHER INFORMATION CONTACT: Copies of the proposed forms and 
instructions are available on the Treasury's TIC Forms web page, http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms.aspx. Requests for additional information should be directed to 
Mr. Wolkow.

SUPPLEMENTARY INFORMATION: 
    & Treasury International Capital (TIC) Form BC ``Monthly Report of 
U.S. Dollar Claims of Financial Institutions on Foreign Residents;'' 
TIC BL-1 ``Monthly Report of U.S. Dollar Liabilities of Financial 
Institutions to Foreign Residents;'' TIC BL-2 ``Monthly Report of 
Customers' U.S. Dollar Liabilities to Foreign Residents;'' TIC BQ-1 
``Quarterly Report of Customers' U.S. Dollar Claims on Foreign 
Residents;'' TIC BQ-2 ``Part 1: Quarterly Report of Foreign Currency 
Liabilities and Claims of Financial Institutions and of their Domestic 
Customers' Foreign Currency Claims with Foreign Residents'' and ``Part 
2: the Report of Customers' Foreign Currency Liabilities to Foreign 
Residents;'' and TIC BQ-3 ``Quarterly Report of Maturities of Selected 
Liabilities and Claims of Financial Institutions with Foreign 
Residents.''
    OMB Numbers: 1505-0017 (TIC BC), 1505-0019 (TIC BL-1), 1505-0018 
(TIC BL-2), 1505-0016 (TIC BQ-1), 1505-0020 (TIC BQ-2), and 1505-0189 
(TIC BQ-3).
    Abstract: Forms BC, BL-1, BL-2, BQ-1, BQ-2, BQ-3 are part of the 
Treasury International Capital (TIC) reporting system, which is 
required by law (22 U.S.C. 286f; 22 U.S.C. 3103; E.O. 10033; 31 CFR 
128) and are designed to collect timely information on international 
portfolio capital movements. These forms are filed by all U.S.-resident 
financial institutions. On the monthly forms, these organizations 
report their own claims on (BC), their own liabilities to (BL-1), and 
their U.S. customers' liabilities to (BL-2) foreign residents, 
denominated in U.S. dollars. On the quarterly forms, these 
organizations report their U.S.-resident customers' U.S. dollar claims 
on foreign residents (BQ-1), and their own and their domestic 
customers' claims and liabilities with foreign residents, where all 
claims and liabilities are denominated in foreign currencies (BQ-2). On 
the quarterly BQ-3 form, these organizations report the remaining 
maturities of all their own U.S. dollar and foreign currency 
liabilities and claims (excluding securities) with foreign residents. 
This information is necessary for compiling the U.S. balance of 
payments accounts and the U.S. international investment position, and 
for use in formulating U.S. international financial and monetary 
policies.
    Current Actions: (a) No changes to the Forms are proposed. The 
following are all changes in the instructions. (b) Electronic filing of 
all TIC B reports (BC, BL-1, BL-2, BQ-1, BQ-2, and BQ-3) will be 
mandatory. More specifically in the instructions, Section I.F.1, 
``Submission of Reports'', now indicates that the TIC B reports must be 
submitted electronically by using the Federal Reserve System's 
``Reporting Central'' electronic submission system. It is easy to use, 
secure, provides confirmation of the receipt of the data, and performs 
a number of validity checks of your file format. The TIC B reports can 
no longer be filed by mail or Fax and can no longer be reported on 
computer or other paper. In order to ensure access to Reporting Central 
is established prior to submission of TIC B reports as of June 30, 
2018, respondents are strongly encouraged to contact the Federal 
Reserve Bank of New York at 212-720- 6300 as soon as possible for more 
information on how to establish a Reporting Central account. (c) The 
``Who Must Report'' section of the instructions is updated to list out 
separately Trustees of Collateralized Loan Obligations (CLOs). (d) 
Sections IV.A and VII.A, ``What to Report'', have been updated to 
indicate that liabilities of U.S. residents to foreign residents from 
loan syndications or from loans and loan participations that are pooled 
into foreign Collateralized Loan Obligations (CLOs) should be reported 
by the U.S. Trustee of the foreign CLOs on the TIC BL-2 and TIC BQ-2 
reports. (e) Sections IV.B and VII.B, ``Column Definitions'', have been 
updated to indicate that liabilities of U.S. residents to foreign 
residents from loan syndications or from loans and loan participations 
that are pooled into foreign Collateralized Loan Obligations (CLOs) 
should be reported by the U.S. Trustee of the foreign CLOs as ``Other 
Custody Liabilities'' on the BL-2 and BQ-2 reports. (f) The glossaries 
for all Treasury International Capital (``TIC'') reports are 
consolidated into a single document which will provide more consistency 
across the TIC system. As a result, the TIC B reporting instructions 
will not include a glossary but will point to the separate consolidated 
TIC Glossary document on the Treasury website. (g) A new glossary entry 
provides a definition for ``U.S. CLO Trustee''. In addition, the 
glossary entries for ``Administrative Agent'' and ``Loan Servicing 
Arrangements, Loan Servicer'' now include information on the reporting 
requirements of U.S. CLO Trustees. (h) A new flowchart in Section IX 
``Appendix'' clarifies the reporting treatment for loans to U.S. 
residents when the loans are pooled into foreign CLOs. (i) These 
changes will be effective beginning with the TIC B reports as of June 
30, 2018, and afterwards.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Forms: BC, BL-1, BL-2, BQ-1, BQ-2, and BQ-3.
    Estimated Number of Respondents: BC, 385; BL-1, 378; BL-2, 103; BQ-
1, 100; BQ-2, 199 and BQ-3, 154.
    Estimated average Time per Respondent per Filing: BC, 9.9 hours; 
BL-1, 7.1 hours; BL-2, 8.25 hours; BQ-1, 3.1 hours; BQ-2, 6.6 hours; 
and BQ-3, 4.0 hours. The average time varies, and is estimated to be 
generally twice as many hours for major data reporters as for other 
reporters.
    Estimated Total Annual Burden Hours: BC, 45,738 hours for 12 
reports per year; BL-1, 32,206 hours for 12 reports per year; BL-2, 
10,197 hours for 12 reports per year; BQ-1, 240 hours for 4 reports per 
year, BQ-2, 5,254 hours for 4 reports per year; and BQ-3, 2,464 hours 
for 4 reports per year.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for Office of 
Management and Budget approval. All comments will become a matter of 
public record. The public is invited to submit written comments 
concerning: (a) Whether Forms BC, BL-1, BL-2, BQ-1, BQ-2, and BQ-3 are 
necessary for the proper performance of the functions of the Office, 
including whether the information will have practical uses; (b) the 
accuracy of the above estimate of the

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burdens; (c) ways to enhance the quality, usefulness and clarity of the 
information to be collected; (d) ways to minimize the reporting and/or 
record keeping burdens on respondents, including the use of information 
technologies to automate the collection of the data; and (e) estimates 
of capital or start-up costs of operation, maintenance and purchase of 
services to provide information.

Dwight Wolkow,
Administrator, International Portfolio Investment Data Systems.
[FR Doc. 2018-02954 Filed 2-13-18; 8:45 am]
 BILLING CODE 4810-25-P